|
EUR/USD Weekly Technical Report 19-23/11/2012
The EUR/USD pair has consolidated below the previous broken neckline of our detected double top pattern for the most of the previous week as seen on the provided daily chart. SMA 20 should add additional strength for the aforesaid resistance to keep the classical pattern valid as well. Having said so, we still see chances for witnessing potential downside movements during this week mainly targeting 1.2590 boundaries; noting that a sustained breakout above 1.2890 areas will shift the bias to neutral.
The trading range for this week is among key support at 1.2500 and key resistance at 1.3000.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
Support 1.2700 1.2630 1.2590 1.2530 1.2500
Resistance 1.2810 1.2860 1.2915 1.2955 1.3000
Recommendation Based on the charts and explanations above our opinion is, selling the pair around 1.2765 targeting 1.2590 and stop loss above 1.2890 might be appropriate this week.
Thanks for your feedback.
USD CHF continues with the sideways’ move 19/11/2012
The pair resumes its’ sideways trading range which is limited between 0.9400 and 0.9625, noting that EMA50 and Stochastic are supporting the price now, in a sign for a potential intraday bullishness towards 0.9625 resistance.
MoreNZD USD completes positive formation 19/11/2012
By the above chart, we found that the pair was limited recently inside a falling wedge pattern which it succeeded in breaching it today, this pattern is a positive-type-pattern, and might assist in turning the price back to the bullish channel again and stopping the current bearish correction.
MoreAUD USD strongly gains 19/11/2012
The pair rallied sharply today to surpass 1.0365 and attempt to settle above it, and if the price succeeded to stabilize above, we will get positive signals for stopping the previous completed double top patterns’ effect.
More